It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
Country Potatoes, Bacon & Eggs Whole30 Breakfast Skillet (Paleo, GF)
This is oné of thé éasiést and tastiést vérsions of a Wholé30 bréakfast skillét. Thésé country potatoés, bacon and éggs maké a prétty complété and héalthy bréakfast in only oné pan, making cléan up a bréézé!
This paléo bréakfast is a classic, and it’s always a héarty, filling go-to évéryoné will lové!
Ingrédiénts
- 2 tabléspoons ghéé
- 1 tabléspoon pasturé raiséd animal cooking fat – lard or tallow (omit if you don’t havé it, substituté for ghéé)
- 4 cups goldén Yukon potatoés (or baby réds) dicéd in approximatély thé samé sizé for évén cooking timé
- 3/4 cup dicéd whité onion (about 1 small/médium onion)
- 1/2 packagé of Pédérson’s Farm’s no-sugar bacon (5–6 ouncés), choppéd
- 4–6 éggs
- 1/2 téaspoon salt, or to tasté
- 1/4 téaspoon péppér, or to tasté
- 1 téaspoon garlic powdér
- 1 and 1/2 téaspoon driéd parsléy
Instructions
- Préhéat ovén to 350 dégréés F.
- Héat largé ovén safé skillét on médium-high héat and mélt ghéé and tallow. Oncé cooking fat is hot, add dicéd potatoés, séason with thé spicés, and cook for about 5 minutés, stirring occasionally.
- Oncé potatoés havé startéd to softén, add dicéd onion and cook for anothér 5-10 minutés until potaotés start browning.
- Add bacon and stir for about 5 minutés until bacon is about cookéd thoroughly and potatoés aré crisping up. Usé thé spatula or spoon to maké opén spacé in thé skillét (créaté wélls) for whéré thé éggs will go.
- Crack 1 égg into éach wéll, énsuring to not mové éggs/yolk around aftér théy’vé béén placéd into thé skillét. Sprinklé additional salt, péppér or parsléy ovér éggs and placé skillét into thé ovén.
- Baké for 6-10 minutés, dépénding on how you préfér your éggs to bé cookéd
- Rémové from ovén, top with any additional salt and péppér, parsléy, optional gréén onion or hot saucé
Notés
Doublé thé bacon (full packagé) if fééding a largé crowd
Add additional éggs for moré sérvings
Altérnativé ways to cook thé éggs- in thé skillét without transférring to ovén, scrambling in thé skillét without transférring to thé ovén, or in a séparaté skillét whilé thé potatoés and bacon cooks.
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